Allied bank is one of the oldest banks in Pakistan. It is the 5th largest commercial bank in Pakistan and has over 1400 branches. Apart from core banking activities, it is also an active provider of consumer finance facilities such as auto finance, personal finance, housing finance, etc. The bank is offering personal loan which has been structured to help people in their hour of need. Let us read about the Allied Bank Personal Loan.
Basic Features of personal loan Allied Bank
Allowable Loan Limit
The Allied Bank personal loan has an availability limit ranging from Rs.30,000(Thirty Thousand) to Rs.3,000,000/(Three Million). How much you are eligible for depends on several factors such as gross salary and the amount of your existing loans. All banks will calculate your DBR (Debt Burden Ratio) to check how much loan you are eligible for under the Allied Bank loan scheme.
Allowable Loan Tenure
The allied bank personal loan can be availed for 1 – 5 years. The tenure depends on your choice but the bank may consider the risk associated with the transaction and limit it to any tenor less than 5 years.
Eligibility for ABL personal loan
The basic criteria for eligibility for ABL personal loan include:
- You must be a Pakistani citizen.
- The maximum age for eligibility is 59 years
- If you are a salaried individual, you should have a relationship of at least six months with any bank. By relationship, we mean an account.
- If you are self-employed, you should have a relationship of at least 12 months with any bank.
- You should either be a permanent employee or a direct contract employee with a history of at least two years of employment.
- The minimum salary for the eligibility of salaried individuals is 25,000 if you are an ABL account holder, if you have an account in another bank, the eligibility amount is Rs.35,000.
- If you are self-employed, your salary should be at least Rs.45,000 if you have an account with ABL, and Rs.55,000 if you have an account with another bank. Check the affordability for monthly instalments by using ABL personal loan calculator.
- For self-employed, the life of their business should be at least two years in case of an existing ABL account holder, and 3 years in case you have an account with another bank.
Important Documentation
Before you apply for ABL personal loan we suggest you gather all your documents including three months’ salary slip, three or six-month account statement, two passport size photographs, valid CNIC, etc. This will help you reduce the loan approval time. The bank may also ask you for utility bills to show proof of residence.
Check your Installment
Before you decide which amount is suitable for you under the allied bank loan scheme, we recommend that you use the allied bank personal loan calculator to calculate your monthly instalment. This will help you identify the instalment which you can easily pay every month. To use the calculator, simply go to ABL’s website and click on the personal loan calculator. Fill in your desired amount in the drop box, select your city, select your financing tenure, select mark-up type, and press “compute”. The allied bank personal loan calculator will give you the result for the effective mark-up rate and your monthly instalment.
How to apply?
There are three ways in which you can apply for a personal loan Allied Bank:
- Call the ABL helpline and express your interest in availing personal loan Allied bank. The bank will send someone to you and get your signatures on all the required documents. You can also provide the bank representative with all the documentation.
- If you are an existing account holder, you can visit your respective branch and ask the branch staff to facilitate you in applying for a personal loan.
- You can use ABL’s website for allied bank personal loan online apply. Simply log in to ABL’s website. Fill in the online form. You should have your documents scanned so you can upload them. Wait for the bank’s response and you are good to go.
